Nigeria’s ‘struggling’ economy is likely to take a fresh downturn if the United States President, Donald Trump, follows through with his threat to impose an extra trade tariff on countries aligning with BRICS.
The word BRICS was coined from the names of the pioneer nations of Brazil, Russia, India, China, and South Africa, which came together under an informal grouping of emerging economies.
It also comprised six coalition members, such as Egypt, Ethiopia, the United Arab Emirates UAE, Iran, Saudi Arabia, and Indonesia, which joined in 2024.
Trump lashed out at the 11 nations of BRICS on Sunday, vowing to impose an extra 10 per cent tariff on the grouping that includes Brazil, Russia, India, and China.
“Any Country aligning themselves with the Anti-American policies of BRICS, will be charged an ADDITIONAL 10% Tariff. There will be no exceptions to this policy,” Trump wrote on his Truth Social platform Sunday.
Nigeria is one of the countries aligning with BRICS.
Nigeria was formally admitted as the ninth BRICS partner country in January 2025, a status introduced at the 16th BRICS Summit in October 2024.
President Bola Tinubu arrived in Rio De Janeiro, Brazil, on Saturday for the 17th summit of BRICScountries.
President Tinubu is attending the summit at the invitation of President Luiz Inacio Lula da Silva of Brazil, on the strength of Nigeria’s status as a ‘partner country’ — a membership category short of full status.